- Strong data and mobile money growth boost MTN Ghana’s profit
- Operator invests GH¢3.3bn in network upgrades, expands 4G
ACCRA, GHANA – MTN Ghana’s profit after tax surged 45.9% year-on-year to GH¢5.5bn ($505mn) for the nine months ended September 2025, driven by soaring data and mobile money revenues amid a more stable economic environment.
The company’s results showed service revenue climbed 36.3% to GH¢17.3 billion ($1.5bn), with data, voice, and mobile money accounting for the bulk of earnings.
Chief Executive Officer Stephen Blewett said the strong performance reflected “the consistent execution of our commercial strategy and sustained capital expenditure investments,” supported by easing inflation and a more stable cedi.
“The Ghana cedi strengthened in the first half of the year before softening slightly in the third quarter, but the overall macroeconomic landscape showed signs of improvement,” Blewett said.
Data and fintech power growth
MTN invested GH¢3.3 billion in network expansion and IT upgrades, boosting service reliability and driving a 6.4% increase in mobile subscribers to 30.5 million. The company now covers 98.9% of Ghana’s population with 4G services.
Data revenue grew 46.8% to GH¢9.3 billion — representing 53.6% of total service revenue — as active data users rose 11.4% and average monthly usage jumped 41.3% to 14.5 gigabytes per user. The trend underscores Ghanaians’ growing appetite for streaming, digital entertainment, and social media.
Mobile money revenue rose 39.2% to GH¢4.3 billion, bolstered by the expansion of digital payments and lending services. Advanced MoMo products such as savings and credit soared 62.9% to GH¢1.4 billion, cementing the platform’s role in Ghana’s evolving digital financial ecosystem. Voice revenue also edged up 9.3% to GH¢2.9 billion despite a slight 2.2% drop in usage minutes as more customers migrated to internet-based calls.
Operating expenses climbed 37% to GH¢4.3 billion, largely due to inflation, higher maintenance costs, and new management fees for MobileMoney Ltd. However, profitability remained strong, with EBITDA increasing 41.6% to GH¢10.2 billion and margins improving to 58.4%.
MTN Ghana paid GH¢7.3 billion in taxes and GH¢1.2 billion in fees and levies to the government during the period, reinforcing its status as one of the country’s largest corporate taxpayers.
On the regulatory front, the company secured additional spectrum and received approval from the National Communications Authority to harmonise its licence expirations — a move aimed at enhancing service quality and operational efficiency. “This investment strengthens our ability to support Ghana’s digital transformation,” Blewett said.
Looking ahead, MTN expects revenue to continue expanding in the “mid-to-upper thirties” percent range and EBITDA margins to stabilise in the mid-fifty percent band. The company plans to deploy artificial intelligence in customer value management and broaden its fintech partnerships with banks and merchants.
“We are well-positioned to sustain growth over the medium term,” Blewett said. “Our focus remains on operational excellence, innovation, and delivering value to our stakeholders.”
